REG - Beowulf Mining PLC - Business Finland Commits Additional Grant Funding

Beowulf MiningAnnouncement

26/11/2024 07:00

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RNS Number : 5931N  Beowulf Mining PLC  26 November 2024

 

26 November 2024

Beowulf Mining Plc

("Beowulf")

 

Business Finland Commits Additional Grant Funding of €232,000

 

Beowulf (AIM: BEM; Spotlight: BEO), and its wholly owned Finnish subsidiary
Grafintec Oy ("Grafintec") or ("Company"), is pleased to announce that the
Company has been granted €232,000 by Business Finland. The grant funding
of €232,000 is equivalent to 50 per cent of the 3-year €464,000 budget
for Grafintec's 'Management and Valorisation of Waste Streams in the Coated
Spherical Graphite Production Process' project.

The proposed work undertaken by Grafintec is part of the BATCircle3.0
(https://www.aalto.fi/en/news/battery-demand-is-growing-exponentially-batcircle30-provides-a-leap-in-battery-material-and)
(Finland-based Circular Ecosystem of Battery Metals) consortium led by Aalto
University, with funding of €13.4 million for the next three years, and is a
key project in Business Finland's Hydrogen & Batteries - Dual Helix of
Decarbonisation programme. This BATCircle3.0 funding follows the grant
received by Grafintec of €530,000 under the BATCircle2.0 programme which was
completed in October (announcement dated 31 October 2024
(https://www.londonstockexchange.com/news-article/BEM/completion-of-business-finland-project/16740883)
).

The aim of the project is to:

·    Investigate opportunities for utilisation and valorisation of
wastewater and other waste streams from the Graphite Anode Materials Plant
("GAMP") production process;

·    Carry out a Life Cycle Analysis ("LCA") & Technical and Economic
Analysis ("TEA") of the process; and

·    Investigate the viability of the process.

This project is a continuation of the BATCircle2.0 'Spheronisation and
Purification of Natural Graphite for the European Lithium-Ion Battery Market'
project. While the main focus of BATCircle2.0 was on developing a sustainable
spheronisation and purification technology, this project aims to advance our
understanding of the waste streams identified in the process and how we can
reduce these waste streams to minimise the environmental impact, valorise them
to reduce operational expenditure as well as increasing the revenue of the
project from valorising waste streams.

The work undertaken in BATCircle2.0 already demonstrated that reagents such as
sodium hydroxide can be effectively recovered from the wastewater and recycled
back into the process to produce battery-grade graphite (>99.95 per cent
purity). The previous work also demonstrated that calcium carbonate, which is
needed for the neutralisation of the acidic wastewater stream, was produced in
the process, thereby reducing the need for fresh calcium carbonate. The
BATCircle3.0 project aims to optimise the waste management processes
demonstrated and developed in BATCircle2.0 to further improve the robustness
of the business model towards a zero-waste industrial plant.

 

Rasmus Blomqvist, Managing Director of Grafintec, commented:

"Business Finland continue to provide Grafintec with excellent support. These
funds will be a valuable contribution to our ambition to develop GAMP into a
leading sustainable European value chain for anode materials."

 

Enquiries:

Beowulf Mining plc

Ed Bowie, Chief Executive
Officer
ed.bowie@beowulfmining.com

 

SP Angel

(Nominated Adviser & Joint Broker)

Ewan Leggat / Stuart Gledhill / Adam Cowl           Tel: +44 (0) 20
3470 0470

 

Alternative Resource Capital

(Joint Broker)

Alex
Wood
Tel: +44 (0) 20 7186 9004

 

BlytheRay

Tim Blythe / Megan Ray
 
Tel: +44 (0) 20 7138 3204

 

 

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's
current plans, estimates, strategies and beliefs, and other statements that
are not historical facts, are forward-looking statements about the future
performance of Beowulf. Forward-looking statements include, but are not
limited to, those using words such as "may", "might", "seeks", "expects",
"anticipates", "estimates", "believes", "projects", "plans", strategy",
"forecast" and similar expressions. These statements reflect management's
expectations and assumptions in light of currently available information. They
are subject to a number of risks and uncertainties, including, but not limited
to , (i) changes in the economic, regulatory and political environments in the
countries where Beowulf operates; (ii) changes relating to the geological
information available in respect of the various projects undertaken; (iii)
Beowulf's continued ability to secure enough financing to carry on its
operations as a going concern; (iv) the success of its potential joint
ventures and alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding any mineral
project at an early stage of its development, the actual results could differ
materially from those presented and forecast in this document. Beowulf assumes
no unconditional obligation to immediately update any such statements and/or
forecast.

 

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